Drumbeat: October 27, 2012

Posted by Leanan on October 27, 2012 - 11:45am America's (Un)Peak Oil Will the US be the globally dominant producer in 8 years? Maybe. Production is trending that way, but 8 years is a long time to forecast, and long-term forecasts are fraught with peril. Just another reason you shouldn’t fear Peak Oil. Peak Oil (also known as Hubbert’s peak theory) is the idea that, eventually, oil production will peak and start falling. Hard to argue with that—crude oil is a finite commodity. Yet, in some circles, it’s given way to panic. Folks who ardently believe in Peak Oil (capital P, capital O) believe the era of Peak Oil is upon us, or, worse, already passed. This (they believe) will usher in an era of economic stagnation and possible a forced return to subsistence living. (Google “peak oil” and you can find websites recommending how to prep your doomsday bunkers and learn to farm.)